News: Retail
Posted: January 28, 2022
Marcus & Millichap arranges the $ 4.9 million sale of 15,639 s/f Sun Plaza
Wilton, CT Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, completed the sale of Sun Plaza, a 15,639 s/f retail property located at 151 Old Ridgefield Rd. The asset sold for $4.9 million, according to Sean Beuche, regional manager of the firm’s Philadelphia office.
Derrick Dougherty and Mark Krantz, investment specialists in Marcus & Millichap’s Philadelphia office, along with Susan Bands, Marcus & Millichap’s broker of record in Connecticut, secured the purchaser and assisted her in this transaction to meet her 1031 demands.
“Sun Plaza is a phenomenal neighborhood shopping center with a local tenant base that services the Wilton Community,” said Krantz. “Due to a limited amount of developable land in Wilton, Sun Plaza benefits from a high demand for its retail and medical uses from the local community.”
Additionally, Steve Rock of Marcus & Millichap Capital Corporation arranged the acquisition financing for the buyer.
“Steve Rock did an amazing job working behind the scenes to aid the buyer choose the best lender to finance this opportunity,” Krantz said.
Tags:
Retail
MORE FROM Retail
Retail
The Landing at Hyannis expands with additional retailers
Hyannis, MA The Landing at Hyannis continues its transformation with three new businesses joining its roster of retail and dining options. These brands, making their debut on Cape Cod, include fashion retailer Nordstrom Rack, physician-owned medical spa SkinMD, and eyewear retailer Warby Parker.
Columns and Thought Leadership
Reimagining retail for the downtown - by Carol Todreas
Before COVID-19, downtown retail had been sliding downwards. A few restaurants and stores were hanging on, but the trajectory was headed south. Now with post- COVID-19 lifestyle changes, old-style retail anywhere has lost its market appeal.
Village centers and local retail: What the market wants - by Carol Todreas
Good news! Brick and mortar is alive and well. Many malls are coming back. Americans are flocking to Europe to walk, shop, eat, and enjoy much needed vacations. Visitors return and talk about the pleasures of walking and shopping in local shops in cities and towns all over Europe.
Placemaking and retail in 2024 - by Carol Todreas
Placemaking. That is the word for 2024. While the concept has historical precedence in urban development, it became part of our current culture in the 1960’s when urbanists started to think about cities for people, not just cars.
Keeping the “there” there - by Carol Todreas
New zoning is a big topic for many communities. Whether it is to comply with the 2021 MBTA legislation calling for more multi-family housing in locales with access to T stations or to address other pressures from public-private entities, zoning for multi-family housing is believed to be a major part of the solution to the housing crisis.